Recent High/Low Alert indicator: warning about penetration of lows and highs
Trading indicator RecentHigh/LowAlert displays two lines - maximum and minimum levels for the last N bars. By default, the high line is shown in blue and the low line in yellow. Also, the indicator can play a sound file, trigger a pop-up notification and send an email when the current price breaks the recent high or low levels. All notifications can be disabled. If you plan to use e-mail notification, the corresponding data should be entered in the settings window of your MetaTrader platform.
Input parameters
- N (default = 20) - period value to find the recent high/low.
- SoundAlert (default = true) - if true, an audible alarm will sound when the levels are broken.
- PopupAlert (default = false) - if true, the built-in notification mechanism of the MetaTrader platform will be used when levels are broken.
- EmailAlert (default = false) - if true, an e-mail will be sent when levels are broken.
ForTrader experts note that the RecentHigh/LowAlert indicator can be used in several ways. The level of the recent high or low can serve as a kind of moving stop loss for existing positions. Such levels can also be used to open new positions. Breaking a recent extreme level is not a strong signal in itself, but it can serve as a confirmation of other signals. Customizable notification options help to react to these events in time.